Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-12-23
TRYING TO SETTLE.
THE FINANCE COMMITTEE HEAR
MR.. ROYAL.
Richmond Wing 1871

MR.. ROYAL.
Richmond Wing H.
The finance Committees Of the
two legislative branches met in
joint session yesterday morning AT
10 o'clock to consider matters per
tanning to the State Debt. Mr.,
William l.. Royal. counsel for the
Virginia committee of foreign
bondholders, appeared before the
committee in reference to ta'Hng
steps looking to "a settlement OF
the debt. Mr.. Royal asked that
all action in the coupon cases be
stayed for thirty days, and stated
that during that time he would
use his best efforts to prevent the
tender OF any coupons in payment
Of taxes. Mr.. Royal said he was
satisfied the English bondholders
would accept the proposition made
to their representatives, last spring.
Mr.. Royal was told by tho com
mittee yesterday, as before, that
the bOndhOlders would never re.
ceive as good proposition as was
made last spring.
Mr.. Royal said he would 90 to
London and endeavOr to get The
bOndholders to settle upon terms
satisfactory to the State, and also
expressed his intention of resigning
his position as counsel if they re.
fused to agree to his proposition.
Mr.. Royal was told by the com
mittee that they would only recon-
mend a settlement on the basis of
the Riddleberger bill.
Mr.. Royal was sanguine the
bondholders would accept the prop.
ositiOn.
The joint meeting appointed a
subcommittee composed Of Messrs.
Koiner and Wlckham, from the
Senate, and Figgat, Elan, and
Anderson, from the House, to draft
a resolution favoring the stay of
proceedings and report the same
to the joint meeting Monday morn
ing at 10 o'clock. The sub com.
nittee met in the afternoon and
drew up the following resolution:
Whereas,i is authOritatively rep.
resented to the Finance Committees
of the Senate and House of Dele
gates that a proposition will prob
ably be made by the bOndholders
for a settlement Of the debt OF
Virginia acceptable to the General
Assembly, provided short time
can be given to communicate with
the bOndhOlders Of the State, and
that such an adjustment will be
promoted by a suspension Of all
litigation pending or threatened
under the laws Of the State; there
fore. be it
Resolrcd. /. That the Governor
be authorized and requested tC
direct the officers of the State tc
suspend all proceedings Of the
Commonwealth against parties
who have heretofore rendered con
pOns for taxes due the Common
wealth until January 18th, 1888
provided the bondholders shall
also cease all attempts to tender
or TO induce others to tender, cou
pons for taxes, and that the bond
holders or their agents shall pub
lish circular that they will not
sustain taxpayers in any attempt
TO use coupons tor taxes during
the same period.
9. While profoundly anxious thai
a final adjustment of the debt o
this State shall bc speedily effected
the General Assembly deems it tC
be due to frankness and fair deal
/ ing with the holders Of the secur
ties OF Virginia, to solemnly declare
it TO be the unalterable purpose o
the government and of the people
OF this Commonwealth, to stand by
the basis Of adjustment provided
for by the act known rs the Rid
dleberger bill; that Virginia vii
carry out that settlement in gOot
faith, and that any hope or expec
tati0n that any adjustment of The
debt OF the State more favorable tC
the public creditor than that an
thoTiled by the Riddleberger act
will ever be made, is utterly illu
sive and hopeless.
Messrs. Wickham and Elan ex
pressed themselves as being willing
to literally provide for the coupon
affected by the Wickham amend
ment, which forieits coupons
brought in for funding after 1885.
The committees met in secre
sessions.